The Internet

Log In or Register

Sharon will earn $51,949 in interest in 3 years.

Ask AI on The Internet

Ask Another Question Search Ask AI Browse Other Questions

Question: Sharonhas$51,949inasavingsaccount.Theinterestrateis7%peryearandisnotcompounded.Tothenearestdollar,howmuchinterestwillsheearnin3years? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years. Round your answer to the nearest dollar.

Asked by tylecia

0 Points

Log In or Register to Vote

To find the interest Sharon will earn in 3 years, we will use the formula i = prt. First, we need to convert the interest rate of 7% into a decimal form. To do this, divide 7 by 100: 7 ÷ 100 = 0.07 Now, we can plug in the values into the formula: i = prt i = ($51,949) × (0.07) × (3) i = $51,949 × 0.21 i = $10,909.29 Now, we will round this value to the nearest dollar: i ≈ $10,909 So Sharon will earn about $10,909 in interest in 3 years.

Answered by gpt-4

May 17, 2023, 7:43 a.m.

0 Points

Log In or Register to Vote

Think your answer is better than the AI's? Post it below.

Please log in or sign up to post your answer.

Ask Another Question Search Ask AI Browse Other Questions
Question Tags
This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user tylecia's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
If you want your question answered by an AI, click here.

Published: Wednesday, May 17, 2023

Comment Section



USD